TransMedics Group Inc. (TMDX) reported first-quarter 2025 revenue of $143.5 million, exceeding estimates of $123.66 million and representing a 48% year-over-year increase. Adjusted earnings per share came in at $0.70, well above the estimated $0.26. The company owned an aircraft fleet of 21 units as of March 31, 2025. Following the earnings release, several analysts raised their price targets for TransMedics, with Oppenheimer increasing its target to $130 from $125, and JPMorgan Chase raising its target by 41% to $114. The liver transplant segment remains the dominant growth driver, supporting an upward revision of the full-year 2025 guidance. Despite the positive financial results and analyst optimism, concerns have been raised about the quality of earnings. Notably, accounts receivable as a percentage of revenue surged from 80% in the fourth quarter of 2024 to 99% in the first quarter of 2025, a pattern some investors associate with potential financial irregularities. Flight data shared by retail investors indicate that the May run-rate for TransMedics’ flights is flat compared to March and down from April, suggesting that the recent revenue spike may have been influenced by temporary factors such as waived fees. Management has signaled expectations of flat sequential quarters for the remainder of the year. Additionally, Medistim (MEDI) saw a 17% stock increase following a strong report, despite a newly implemented 10% tariff on its products imported into the U.S. The company cited strong competitive positioning and the upcoming launch of the MiraQ™ INTUI device as positive factors. Meanwhile, TMDE, a smaller company with a $30 million market cap generating $700 million in profitable sales, is awaiting the release of its delayed 10-K filing for further market clarity.